By David McNally
This article will be the afterword to the forthcoming Danish translation of the author’s book Global Slump: The Economics and Politics of Crisis and Resistance — NSW.
Since the outbreak of the global slump in 2008 we have been treated to an incessant stream of predictions that “the crisis is over,” that we have “turned a corner,” and that “the recovery is now underway.” Each time the cheerleaders have been proved wrong. To the dismay of apologists for the system, the slump has now stretched on for more than five years. And there is no obvious end in sight.
World-wide, there has been no recovery in employment. There are now 50 million fewer people in paid work than when the crisis started. Not only is the Eurozone now officially back in recession, but a number of its economies are in outright depressions. Spain and Greece are each struggling with unemployment rates above 25 percent – and over 50 percent for youth. Even the U.S. economy, notwithstanding a big rebound in corporate profits, is plagued by a jobs deficit of ten million (5.2 million that have not been recovered since 2008 and another 4.8 million required just to keep pace with population growth). The real rate of unemployment in the U.S. – including discouraged workers who have stopped looking for a job and those working part-time who seek full-time employment – hovers around 15 per cent. For racially oppressed groups, jobless rates are at depression levels, well above 20 percent for both African-Americans and Latinos.
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